Is Insurance a charity?

Many people have a vague knowledge about insurance and its function. The general public considers insurance as an organization that provides compensation in the form of charity. As a matter of fact, it is a business that bears the risk of loss or damage that may occur in somewhere near future .However it has become imperative to acquaint the individuals about the traits and norms of insurance. Furthermore, it is a professional business which collects premium for the purpose of securing and escorting the society as it guarantees the payment for the destruction and loss of goods and property. A charity provides fund without any consideration but insurance cant compensate without any premium collection.

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Marine Insurance Policy

Marine insurance is a sort of insurance provides coverage for boats and ships, along with their cargo.  Basically, Marine cargo insurance secures risk coverage for any sort of goods the boat is transporting. Whatsoever, Inland marine insurance provides security for normally fluctuating  vessels which are not surrounded by the ocean, but float mainly on lakes, rivers and ponds. However, besides this many other heading falls under Marine insurance so as third party liability for damages to other moving and non-moving objects and vehicles. Marine insurance also shares the burden of risk of the insured boat itself long with its passengers. As a matter of fact, the Marine Insurance policy resembles a scheme that is related to the losses, destruction and damages carried by a ship while transporting the goods towards its final destination.However, the marine insurance is classified into categories which is listed as:

• Hull insurance 

• Cargo insurance 

• Freight insurance

• Liability Insurance

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Nepali Calender

Nepali Calender
If you want to view Nepali Calender,please click this

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Fire Insurance policy

Fire insurance is a form insurance against the risk on the properties of people that may occur by fires. It is a device to compensate for the loss consequent upon destruction by fire. When a structure is covered by fire insurance, the fire insurance policy will pay out in the event that the structure is damaged by fire. Perhaps, the fire insurer shifts the burden of fire losses from their actual victim over to all the member of the society. As a matter of fact, fire causes huge hazardous losses every year. The property owner buying fire insurance can prevent the fire waste to some extent. However, the insured individual taking fire insurance in covered against the risk of fire only. Despite the fact, it varies upon the rules and policies of the country. Generally in Nepal, according to the recent notice issued by Beema Sansthan (controller of all insurance companies of Nepal), the insurer are compelled to cover the risk of earthquake in compulsory basis under fire insurance policy. In some other countries, volcanic eruption is made compulsory under this sort of policy.

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